Lease Renewals, how do you handle?

Question

Hey Guys and Gals,
     When renewal time comes up, I usually have the tenants resign a completely new lease agreement.  Is there any way to legally have a 1 pager that reenacts the old lease for a new term?

Thanks much!
Mark

Kevin K. · Answer

You could just do an addendum to update the termination date and anything else that is changing.  I personally do a new lease each time.

Kevin K. · Answer

To me it just keeps the folder for that property neat and tidy.  It also allows me to use the updated version of the lease, gives me a chance to review the complete terms with the tenant, and for some reason, my bank likes to see fresh leases when I'm applying for financing...

Kyle Meyers · Answer

You could make your lease renew for a full year automatically if they don't give notice. It would work the same way the conversion to month-to-month does, but you would have another one year commitment.

Account Closed · Answer

Any kind of written/typed document is legally binding when 2 or more parties sign it. Just state in 1 paragraph that you and your tenant agree to renew their original lease in full with he details of new lease term (6/12 months or what ever it is)

Chris Sweeney · Answer

I always do the one-pager form for CA leases extensions.  It's a Deot of RE form called "Change In Terms In Tenancy."  Not sure if your state has it but check the Dept of RE.  The form basically says all terms to remain the same other than term or price and then there's a misc. section you can fill in.  You also want to make sure that you comply with the correct notice limits (i.e. 30 or 60 days usually) and that also applies to raising rents over a certain % in some states.  I find this one pager gives landlords leverage as it's very quick and painless and with a couple signatures you can lock them up for another 12 months and tenants tend to just sign quickly and move on even if your rental bump is a tad bit high.

Mark Updegraff · Answer

Mine is also set up to revert to month to month, however, since I usually only sign a 1 year (my market almost demands it), I usually want to hook new tenants for at least a full second term.  Simply "trusting" the tenants verbal that they want to renew and not getting it on paper has bitten me mid winter, when things are not so easy to rent...

Just wondering if there was anything that could get the full 1 year commitment on a one pager, and make all the rest (lead addendum, radon disclosure, EPA brochure, and all the attachments that I personally use) stay in effect.

Thanks again!
Mark

@KWiK, why do you choose to go this route?

Ryan B. · Answer

My lease is set up the same way that Jeff explained, it automatically turns into a month to month with a 30 day notice clause.

Jeff S. · Answer

Mine just converts to a month to month which is ok with me. Time is of the essence when it comes to more work. For me less is better.

Mitch Kronowit · Answer

Same here.

Lease Renewals, how do you handle?

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